<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp"/></p>
<p>英國銀行股在週一小幅回升，此前上週遭遇大幅下跌，分析師認為對該行業新税收的擔憂可能被誇大了。</p>
<p>在週一市場開盤時，週五下跌 4.9% 的 NatWest (NWG) 和下跌 3.4% 的 Lloyds (LLOY) 的股價均有所上漲。</p>
<p>這些下跌是由於智庫呼籲對銀行徵收額外税收，以及《金融時報》報道暗示行業領導者擔心政府可能通過針對貸款機構來增加收入。</p>
<p>然而，幾位分析師認為，考慮到任何潛在税收措施的不確定性，拋售的規模過大。</p>
<h2>分析師駁斥拋售規模</h2>
<p>Jefferies 的分析師 Jonathan Pierce 在路透社的報道中表示，近期市場反應與提案被實施的可能性不符。</p>
<p>“如果這是英國財政部的真實信號，人們可能會預期會有小幅拋售。但在另一個智庫強調潛在的儲備補償相關利益的情況下，國內銀行遭遇 5% 的打擊在我們看來是不合理的，” Pierce 指出。</p>
<p>他補充説，儘管可能會引入額外的銀行税，但不太可能採取目前所建議的形式。</p>
<p>智庫提案針對的是銀行在英格蘭銀行持有的數千億英鎊儲備上所賺取的利息，這是中央銀行量化寬鬆計劃的遺留問題。</p>
<p>這些餘額現在正在逐步減少。</p>
<h2>儲備税的可能替代方案</h2>
<p>美國銀行 (BofA) 的分析師也淡化了所建議的基於儲備的税收的可能性。</p>
<p>相反，他們認為，如果政府確實尋求從該行業獲得額外收入，最可能的途徑將是通過銀行附加税。</p>
<p>該附加税在 2023 年從 8% 降至 3%，與英國公司税從 19% 提高至 25% 同時發生。</p>
<p>BofA 建議，提高這一附加税將為增加貸款機構的税收貢獻提供更直接的機制。</p>
<p>這樣的舉措將在行業內產生不均勻的影響。根據 BofA 的説法，由於其國內業務的集中，Lloyds 和 NatWest 將面臨更大的風險，預計到 2026 年利潤將減少約 3%。</p>
<p>相比之下，巴克萊由於其更廣泛的國際業務，影響將較小，約為 1.5%。</p>
<h2>經濟增長的考慮</h2>
<p>除了對銀行收益的直接影響外，一些市場觀察者強調了增加金融機構税負可能帶來的經濟後果。</p>
<p>Wren Sterling 的首席投資官 Rory McPherson 表示，政府在引入新措施之前，考慮更廣泛的商業環境是很重要的。</p>
<p>“我們希望政府已經考慮了隱性税收對商業的影響，比如利率上升和國民保險繳款的增加，以及這些對英國經濟增長的影響，” McPherson 説。</p>
<p>隨着英國銀行仍在適應更高的利率環境和較弱的經濟前景，額外的税收可能進一步壓制盈利能力和貸款能力。</p>
<p>NatWest、Lloyds 反彈，分析師淡化税收擔憂的文章首次出現在 Invezz 上。</p>

勞埃德銀行

<p>英國銀行股，包括 NatWest 和勞埃德銀行，週一在經歷重大損失後反彈，分析師表示對該行業新税收的擔憂可能被誇大。上週，NatWest 股價下跌了 4.9%，勞埃德銀行下跌了 3.4%，但兩者在市場開盤時均表現積極。Jefferies 和美國銀行的分析師淡化了提議的準備金税的可能性，認為任何額外的收入措施可能會來自提高銀行附加税。關於增加銀行税收對更廣泛經濟影響的擔憂也被提出</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp" alt="" original-src="https://invezz.com/wp-content/uploads/2025/09/image-14.webp"/></p>
<p>British bank stocks recovered modestly on Monday after sharp losses last week, with analysts arguing that fears of new taxes on the sector may be overstated.</p>
<div class="lb-trans"><p>英國銀行股在週一小幅回升，此前上週遭遇大幅下跌，分析師認為對該行業新税收的擔憂可能被誇大了。</p>
</div><p>NatWest (NWG) shares, which fell 4.9% on Friday, and Lloyds (LLOY), which dropped 3.4%, were both trading in the green at market open on Monday.</p>
<div class="lb-trans"><p>在週一市場開盤時，週五下跌 4.9% 的 NatWest (NWG) 和下跌 3.4% 的 Lloyds (LLOY) 的股價均有所上漲。</p>
</div><p>The declines followed calls from a think-tank for an additional levy on banks and a Financial Times report suggesting industry leaders were concerned the government could raise revenue by targeting lenders.</p>
<div class="lb-trans"><p>這些下跌是由於智庫呼籲對銀行徵收額外税收，以及《金融時報》報道暗示行業領導者擔心政府可能通過針對貸款機構來增加收入。</p>
</div><p>However, several analysts believe the scale of the selloff was excessive given the uncertainty surrounding any potential tax measures.</p>
<div class="lb-trans"><p>然而，幾位分析師認為，考慮到任何潛在税收措施的不確定性，拋售的規模過大。</p>
</div><h2>Analysts dismiss scale of selloff</h2>
<div class="lb-trans"><h2>分析師駁斥拋售規模</h2>
</div><p>Jonathan Pierce, analyst at Jefferies, said in a Reuters report that the recent market reaction did not match the likelihood of the proposal being enacted.</p>
<div class="lb-trans"><p>Jefferies 的分析師 Jonathan Pierce 在路透社的報道中表示，近期市場反應與提案被實施的可能性不符。</p>
</div><p>“If it were genuine flag-flying by HMT (the British Treasury), one might expect a modest selloff. But a 5% hit to domestic banks on the back of yet another think tank highlighting potential reserve-remuneration-related benefits is not justified in our view,” Pierce noted.</p>
<div class="lb-trans"><p>“如果這是英國財政部的真實信號，人們可能會預期會有小幅拋售。但在另一個智庫強調潛在的儲備補償相關利益的情況下，國內銀行遭遇 5% 的打擊在我們看來是不合理的，” Pierce 指出。</p>
</div><p>He added that while an extra bank tax might be introduced, it was unlikely to take the form currently suggested.</p>
<div class="lb-trans"><p>他補充説，儘管可能會引入額外的銀行税，但不太可能採取目前所建議的形式。</p>
</div><p>The think-tank proposal targeted the interest banks earn on the hundreds of billions of pounds they hold in reserves at the Bank of England, a legacy of the central bank’s quantitative easing programme.</p>
<div class="lb-trans"><p>智庫提案針對的是銀行在英格蘭銀行持有的數千億英鎊儲備上所賺取的利息，這是中央銀行量化寬鬆計劃的遺留問題。</p>
</div><p>These balances are now being gradually reduced.</p>
<div class="lb-trans"><p>這些餘額現在正在逐步減少。</p>
</div><h2>Likely alternatives to a reserve tax</h2>
<div class="lb-trans"><h2>儲備税的可能替代方案</h2>
</div><p>Bank of America (BofA) analysts also downplayed the likelihood of the suggested reserve-based tax.</p>
<div class="lb-trans"><p>美國銀行 (BofA) 的分析師也淡化了所建議的基於儲備的税收的可能性。</p>
</div><p>Instead, they argued that if the government did seek additional revenue from the sector, the most probable route would be through the Banking Surcharge.</p>
<div class="lb-trans"><p>相反，他們認為，如果政府確實尋求從該行業獲得額外收入，最可能的途徑將是通過銀行附加税。</p>
</div><p>The surcharge was cut from 8% to 3% in 2023, coinciding with the increase in UK Corporation Tax from 19% to 25%.</p>
<div class="lb-trans"><p>該附加税在 2023 年從 8% 降至 3%，與英國公司税從 19% 提高至 25% 同時發生。</p>
</div><p>Raising this surcharge, BofA suggested, would provide a more straightforward mechanism for boosting tax contributions from lenders.</p>
<div class="lb-trans"><p>BofA 建議，提高這一附加税將為增加貸款機構的税收貢獻提供更直接的機制。</p>
</div><p>Such a move would have uneven effects across the sector. According to BofA, Lloyds and NatWest would be more exposed due to their domestic focus, facing an estimated 3% reduction in profits by 2026.</p>
<div class="lb-trans"><p>這樣的舉措將在行業內產生不均勻的影響。根據 BofA 的説法，由於其國內業務的集中，Lloyds 和 NatWest 將面臨更大的風險，預計到 2026 年利潤將減少約 3%。</p>
</div><p>By contrast, Barclays, with its broader international operations, would see a smaller impact of around 1.5%.</p>
<div class="lb-trans"><p>相比之下，巴克萊由於其更廣泛的國際業務，影響將較小，約為 1.5%。</p>
</div><h2>Economic growth considerations</h2>
<div class="lb-trans"><h2>經濟增長的考慮</h2>
</div><p>Beyond the immediate effect on bank earnings, some market observers highlighted the potential economic consequences of increasing the tax burden on financial institutions.</p>
<div class="lb-trans"><p>除了對銀行收益的直接影響外，一些市場觀察者強調了增加金融機構税負可能帶來的經濟後果。</p>
</div><p>Rory McPherson, Chief Investment Officer at Wren Sterling, said it was important for the government to take account of the wider business environment before introducing new measures.</p>
<div class="lb-trans"><p>Wren Sterling 的首席投資官 Rory McPherson 表示，政府在引入新措施之前，考慮更廣泛的商業環境是很重要的。</p>
</div><p>“We would hope the government has looked at the impact of implicit taxes on business, like the rise in interest rates and national insurance contributions and the impact of those on UK economic growth,” McPherson said.</p>
<div class="lb-trans"><p>“我們希望政府已經考慮了隱性税收對商業的影響，比如利率上升和國民保險繳款的增加，以及這些對英國經濟增長的影響，” McPherson 説。</p>
</div><p>With UK banks still adjusting to a higher interest rate environment and a weaker economic outlook, additional taxes could weigh further on profitability and lending capacity.</p>
<div class="lb-trans"><p>隨着英國銀行仍在適應更高的利率環境和較弱的經濟前景，額外的税收可能進一步壓制盈利能力和貸款能力。</p>
</div><p>The post NatWest, Lloyds rebound as analysts downplay tax concerns appeared first on Invezz</p>
<div class="lb-trans"><p>NatWest、Lloyds 反彈，分析師淡化税收擔憂的文章首次出現在 Invezz 上。</p>
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NatWest 和勞埃德銀行股價反彈，分析師對税收問題的擔憂有所緩解